AXA announced today that it had completed the sale of its offshore investment bonds business based in the Isle of Man (“AXA Isle of Man”) to Life Company Consolidation Group (LCCG).
AXA also announced that it had signed an agreement with LCCG for the disposal of AXA Life Europe Limited’s Offshore Investment Bonds business (Euro 2.2 million revenues in 2015), which was distributed and administrated by AXA Isle of Man. Completion of the transaction is subject to customary closing conditions, including the receipt of regulatory approvals, and is expected to occur in early 2017. The parties agreed not to disclose the terms and conditions of the transaction.
AXA UK has announced that following a review of the UK life and savings market, it will be selling the AXA Wealth business, believing it could be even more successful with organisations that have a stronger strategic focus on the life and savings market.
The business will be sold in three parts:
AXA Wealth continues to operate as usual. Right now this doesn’t affect individual investors, or any of your investments. So there’s no need to worry and there is nothing you need to do at this time. We remain focused on ensuring that continuity of service is maintained until the various sales complete. Making sure our customers get the most from their investment opportunities.
The various sales are fairly complex and subject to certain conditions, including regulatory approvals, and we expect these to complete by Q4 2016.
AXA to sell its offshore investment bonds business in UK to Life Company Consolidation Group
Agreement to sell AXA’s UK Life & Savings businesses
Agreement to sell AXA Wealth's investment, pension and direct protection businesses in the UK to Phoenix Group Holdings
If you have a financial adviser then they’ll keep you informed as further details become available.
If you don’t have a financial adviser then we’ll post any new information on our website, and will write to you if there’s anything important you need to know. If you have any questions you’d like to ask in the meantime, then please contact us.
AXA Wealth includes the following companies: Architas Multi-Manager Limited (No. 06458717), AXA Portfolio Services Limited (No. 01128611), AXA Wealth Services Limited (No. 02238458) and AXA Wealth Limited (No. 01225468). All of these companies are registered in England and limited by shares. Their registered office is 5 Old Broad Street, London EC2N 1AD.
Architas Multi-Manager Limited, AXA Portfolio Services Limited and AXA Wealth Services Limited are authorised and regulated by the Financial Conduct Authority. AXA Wealth Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. AXA Wealth Limited promotes and distributes its own products. AXA Wealth Services Limited promotes and distributes the products of AXA Portfolio Services Limited and certain AXA Life Europe Limited products in the United Kingdom. Details of the companies offering specific products are shown in the product literature.
'AXA Isle of Man' (comprising the companies AXA Isle of Man Limited, AXA Isle of Man Services Limited, AXA Isle of Man Administration Limited, AXA Isle of Man Insurance Management Limited and AXA Isle of Man Global Partnerships Limited) has been acquired by Utmost Holdings Limited. 'AXA' and 'WINTERTHUR' are trademarks that are owned by AXA SA and will be used for a short period under a licence granted by AXA SA to the Utmost group of companies.
AXA Wealth is a marketing brand used by AXA Portfolio Services Limited.